As the gig economy expands across many countries, there’s an opportunity for underwriters and brokers to offer a range of commercial and business insurance to plumbers, tutors, musicians, IT specialists, couriers, beauty consultants, building trades and more. Everything from public liability to vehicles, equipment, tools, intellectual property etc. is a potential product line. All that growth means companies need to invest in the future, which is exactly what Greenlight Re are doing.
Greenlight Re Innovations (“GRI”), part of Greenlight Capital Re, Ltd., a specialist property and casualty reinsurance company headquartered in the Cayman Islands, has announced an investment in Coterie Applications, Inc., a digital managing general underwriter focusing on the small and medium-sized enterprise (SME) commercial insurance market.
Cincinnati, Ohio based Coterie offers API-based commercial insurance for today’s workforce. Freelance platforms and lenders have historically had difficulty ensuring participants and vendors are properly insured. By integrating directly into these groups’ existing workflows, customers can efficiently obtain tailor-made insurance coverage and platforms can ensure coverage is in place.
“The SME commercial space in the U.S. has not yet been effectively streamlined by technology and digital distribution,” said Greenlight Re Chief Executive Officer Simon Burton. “We share Coterie’s belief that there are significant opportunities to target customers – many of whom do not currently purchase insurance – with insurance products distributed via the platforms they already use.”
“Business owners and freelancers need a better way to get insurance,” said Coterie Founder and Chief Executive Officer David McFarland. “Whether it’s an independent contractor finding the next project with an app or a business owner applying for a loan, Coterie can provide personalized coverage quickly and inexpensively. By coupling customized insurance products with new technology, we’re able to utilize information that has already been provided, enabling entrepreneurs to focus on their businesses rather than on their insurance. Greenlight Re’s reinsurance expertise and industry connections will help us expand our product offerings to meet the needs of our customers and partners.”
Coterie represents the tenth strategic investment made by GRI.
About Greenlight Capital Re, Ltd.
Established in 2004, Greenlight Re (www.greenlightre.ky) is a NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces. The Company focuses on delivering risk solutions to clients and brokers by whom Greenlight Re’s expertise, analytics and customer service offerings are demanded. With an emphasis on deriving superior returns from both sides of the balance sheet, Greenlight Re manages its assets according to a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.